In a recent review conducted by the Consumer
Financial Protection Bureau (“CFPB”), the agency in charge of
protecting your financial welfare, it discovered that the biggest
area of concern is that consumers nationwide are unaware of their
rights and the numerous laws in existence that were enacted to
protect them. Below is a list of the different laws that
consumers should be aware of to be better equipped to protect
themselves against original creditors and debt collectors.
The Fair Credit Reporting Act (“FCRA”)
This law has been in existence since 1970 and is perhaps one of
the two most well recognized consumer statutes. The FCRA states
that consumers and their credit report must be safeguarded,
report accurate information and must be accessible to the
consumer at their request.
Fair Debt Collection Practices Act
(“FDCPA”)
Enacted in 1977, the FDCPA is the other statute most well-known by
consumers nationwide. This statute protects consumers from
the unfair and harassing collection
tactics of debt collectors in their efforts to collect unpaid
debt.
Equal Credit Opportunity Act (“ECOA”)
This ECOA adopted in 1974, protects minorities from creditor and
lender discrimination when applying for loans.
Truth in Lending Act (“TILA”)
TILA was enacted in 1978 to ensure that consumers applying for a
loan were completely aware of what they were applying for.
This statute requires full disclosure to
consumers.
Fair Credit Billing Act (“FCBA”)
The FCBA, enacted in 1974 is a statute that is specific to credit
card holders and regulates the procedures that credit card
companies must adhere to when sending bills and reporting a
consumer’s billing cycle.
Fair Credit and Charge Card Disclosure
Act
This statute, adopted in 1988, simply requires a credit card
issuer to notify its holders of all of the features the card has to
offer.
Knowing your rights and knowing that there are laws enacted
simply to protect you will ensure your safety and more educated
consumer is less likely to be taken advantage of. If you are
in need of additional information and need the advice of counsel,
contact SmithMarco P.C. for a free
case review.